Insights & News

January 2016

The Hidden Value of Wealth Managers

Choosing a financial advisor to help navigate the maze of financial decisions you need to make over your lifetime can be a daunting task.  Financial advisors have many different designations, titles, and service offerings, which can make finding the right advisor difficult.  A wealth manager can be a great choice.  Wealth management is the holistic integration of asset/investment management and financial planning.  The process weighs both the client’s investment needs and risk tolerance with their long-term financial goals to develop a strategy that increases their success at attaining those goals.   

Below are some benefits of working with a wealth manager.

  • Engages you in a collaborative process that allows the advisor to understand who you are, where you’ve been, and where you want to go.
  • Helps protect you from yourself.  Yes, I said it.  You need protection from yourself.  We all do!  Behavioral finance research has shown that we are apt to react in ways that may not always result in the best financial choices.  An experienced wealth manager can recognize a financial bias and engage you in a thoughtful dialogue, enabling you to make better decisions.
  • Steers you through the complex web of financial products and decisions, so together you can develop a game plan that is understandable, easy to implement and fits your lifestyle.
  • Looks at the big picture and helps you understand how all the pieces of your financial life fit together so you can best utilize your resources to meet your objectives.
  • Filters the “noise” in today’s 24-hour media environment.  They help provide clarity, allowing you to focus on the solutions and strategies that best meet your goals; which may not be the current “hot” approach all your friends, co-workers, and neighbors are talking about.
  • Keeps the conversation going long after the financial plan has been completed.  They will review your situation regularly, helping you re-evaluate your goals and determine if any course corrections are necessary.  Life happens and your wealth manager should be with you through every transition, guiding you towards the fulfillment of your dreams.

Your relationship with your financial advisor should be a journey that leads to “a better life”TM for you, the client; not the financial advisor!  A true wealth manager measures their success by the accomplishment of your goals.  Engage an advisor who is interested in hearing your story and working together to build a sound financial future for you.  Look for a fee-only advisor with the CFP® designation.  These advisors are held to a fiduciary standard and since fee-only advisors are paid by the client, they don’t have an incentive to make recommendations that give themselves a higher payout.  

This article was originally published on

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